Unlike many other areas of the UK, the London property market is booming. Estate agents report high demand for rental property and property for sale can still command prices well above the national average. But, for those looking to move to London, should they rent or buy a property? There are compelling arguments for both options.
There are a number of reasons why people choose to rent property in London. It is becoming increasingly difficult for people to get a mortgage, particularly for the amount required to buy a property in London. Renting also gives people a chance to ‘try out’ different areas of the capital to see where they would ultimately like to live permanently. They can use their time renting to save enough money for a deposit on their dream home. There are thousands of properties to rent in London, so there’s something for everyone.
Property in London is still an excellent investment, particularly for those looking for a buy- to- let. The increasing demand for rental properties is likely to cause rents to rise in the years to come. The 2012 Olympics has also led to several areas of London becoming ‘property hotspots’; areas where it is still relatively cheap to purchase property but where they are sure to increase in value. Also, with house prices predicted to rise in the coming years, now is the ideal time to buy property.